NINE PARTIES have submitted non-binding bids ranging from $1 billion to $1.8 billion for Royal Challengers Bengaluru (RCB), according to The State of Play. Meanwhile, Rajasthan Royals (RR) have narrowed their field to five shortlisted bidders, including the Glazer family, owners of Manchester United.
The non-binding bids, or R1, signal strong interest but carry no obligation to complete a transaction at the stated price. RCB will use them to trim the field to a shortlist by next week before inviting binding offers from the remaining parties.
Rajasthan Royals have already progressed beyond this stage and are preparing for second-round, or R2, binding bids before entering exclusivity with one of the finalists. According to sources cited by The State of Play, that process could take place in the first week of March.
The Glazer family, through New Orleans-based Avram Glazer’s Lancer Capital, is among several bidders pursuing both franchises. Board of Control for Cricket in India (BCCI) rules prohibit ownership of more than one team, meaning parties that enter exclusivity talks with one franchise are expected to withdraw from the other.
The Glazers’ bid for RCB is believed to be around $1.8 billion, according to people familiar with the matter, placing them among the highest bidders. At that level, they sit at the top end of the range, though non-binding bids can change significantly once parties move to binding offers and complete due diligence.
Diageo, which owns and operates the RCB franchise, is understood to have valued the team at around $2 billion. The company has reportedly appointed a London-based consulting firm to evaluate the bids and submit a report by 31 March.
